SFY - Longer-Term Impact Of COVID-19 On Growth
IMF published updated forecasts this week, and here is the summary:
IMF has stopped doing 5-year forecasts this April, due to uncertainty induced by the COVID-19 pandemic.
Looking at the longer run effects of the pandemic, based on October 2019 (pre-COVID-19 trends), and earlier growth trend before the Global Financial Crisis ((GFC)) puts COVID-19 pandemic into historical perspective:
The differences between the above trendlines are telling.
Globally, GFC resulted in a permanent loss of real income that amounts to a cumulative decline of ca. 17 percent over 17 years (2008-2024). COVID-19 is forecast to result